PRESS RELEASE 31st October 2005 Block R Malabo, 31st  October, 2005 – Further to the meeting held in Malabo on September 13th 2005, where selected companies were invited to submit bids for Block R, the Ministry of Mines, Industry and Energy has analysed the received bids and is pleased to announce that the successful bidder is Ophir Energy Company. Ophir Energy Company’s successful bid included a US$ 75 million signature bonus, a commitment to drill 3 exploration wells during the initial exploration period and a 20% carried interest for the national oil company, GEPetrol. Ophir Energy Company will therefore be invited, firstly, to sign a Memorandum of Understanding (MOU) and following signature of the MOU will be invited to negotiate for a PSC for Block R, with a commission consisting of the Ministry of Mines, Industry and Energy, the Ministry of Finance and GEPetrol. It is anticipated that the PSC negotiations will take place in the near future.